Kenya’s tax system has taken a significant step forward with the introduction of a real-time tax system by the Kenya Revenue Authority (KRA). This new system aims to capture and track all transactions as they happen, ensuring better tax compliance and reducing tax evasion. The KRA has initiated the process by reaching out to banks, financial institutions, and payment service providers like M-Pesa, requesting them to integrate their systems with the authority’s new digital tax platform by December 2024.
For M-Pesa, this integration means acting as a Virtual Electronic Tax Register (ETR) that captures transaction details in real-time, enabling the KRA to monitor and manage tax records more efficiently. The KRA’s strategy includes using AI to detect tax evasion and implementing a WhatsApp chatbox for small businesses to generate tax invoices. Additionally, starting in January 2025, mobile IMEI registrations will be required as part of compliance measures, with non-compliant devices facing a grey-listing process to allow users time to rectify the issue.
The shift to real-time tax tracking is aimed at modernizing the tax sector in Kenya, simplifying tax compliance, and increasing transparency to boost national revenue.
Moving on to Nigeria, the food delivery sector is experiencing rapid growth, but startups in this space face significant challenges in sustaining profitability. Despite the cultural significance of food in Nigerian gatherings and the substantial spending on eating out, startups must navigate inflation and limited consumer purchasing power to succeed in the market. The COVID-19 pandemic highlighted the potential of the food delivery industry, with a significant increase in demand during movement restrictions.
Globally, food delivery startups struggle to turn a profit despite substantial investments. The question remains whether food delivery startups in Nigeria can overcome these challenges and establish long-term success. A deep dive into the sector can shed light on the driving forces, obstacles, and potential opportunities for startups in the food delivery space.
In the fintech realm, Nigerian startup Moniepoint has achieved unicorn status following a $110 million Series C funding round, surpassing a valuation of $1 billion. The startup, founded by Tosin Eniolorunda and Felix Ike in 2015, initially provided infrastructure for banks before transitioning into a leading business banking service in Nigeria.
With the recent funding, Moniepoint plans to expand its presence across Africa, starting with Kenya, by offering a comprehensive platform with business services such as digital payments, banking, foreign exchange, credit, and business management tools. The investment round was led by Development Partners International’s ADP III fund, along with Google’s Africa Investment Fund, Verod Capital, and Lightrock.
Moniepoint’s growth has been remarkable, with a compound annual growth rate (CAGR) exceeding 150% and solid profit margins. The startup’s mission of promoting financial inclusion across Africa is further empowered by this recent funding, as it continues to innovate and expand its services to cater to businesses and individuals alike.
In conclusion, these developments in Kenya’s tax system, Nigeria’s food delivery sector, and Moniepoint’s unicorn status showcase the dynamic and evolving landscape of technology and business in Africa. Stay tuned for more updates on the latest trends and news in the African tech space. Are you tired of the same old routine and looking for a change of pace? If so, why not consider taking up a new hobby? Hobbies are a great way to relax, unwind, and explore new interests. They can also help you meet new people, learn new skills, and even improve your mental and physical well-being.
One hobby that has been gaining popularity in recent years is gardening. Whether you have a green thumb or are a complete novice, gardening can be a rewarding and therapeutic activity. Not only does it allow you to connect with nature and get some fresh air, but it also provides a sense of accomplishment as you watch your plants grow and thrive.
If you’re new to gardening, don’t worry – getting started is easier than you think. You can begin by planting some easy-to-care-for flowers or herbs in pots or small containers. As you gain more confidence, you can try your hand at growing vegetables or creating a beautiful outdoor garden space.
Another hobby that has been trending is painting. Painting is a creative outlet that allows you to express yourself and unleash your inner artist. Whether you prefer watercolors, acrylics, or oils, there are endless possibilities when it comes to painting. You can start by following tutorials online or taking a class at a local art studio. Don’t be afraid to experiment and try new techniques – you may discover a hidden talent you never knew you had!
If you’re more of a hands-on person, woodworking might be the perfect hobby for you. Woodworking is a versatile and practical hobby that allows you to create beautiful and functional pieces of furniture, décor, and accessories. From simple projects like a wooden planter box or picture frame to more complex items like a dining table or bookshelf, woodworking offers endless opportunities for creativity and craftsmanship.
For those who enjoy physical activity and being outdoors, hiking is a fantastic hobby to consider. Hiking allows you to explore new trails, enjoy breathtaking views, and get some exercise all at the same time. Whether you prefer leisurely walks in the park or challenging treks in the mountains, hiking is a great way to stay active and connect with nature.
No matter what hobby you choose, the most important thing is to have fun and enjoy the process. Hobbies are meant to be enjoyable and rewarding, so don’t be afraid to try new things and step out of your comfort zone. Who knows, you may discover a new passion that brings joy and fulfillment to your life. So go ahead, pick up that paintbrush, plant those seeds, or hit the trails – your new hobby awaits!
